II.1.3)Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)

The notice involves a public contract

II.1.4)Information on framework agreement

II.1.5)Short description of the contract or purchase(s)

Merseyside Pension Fund is seeking to appoint a Strategic Property Adviser (section 1) and Property Manager (Operational) (section 2) under separate contracts on an advisory basis. There is no intention for the 2 mandates to be amalgamated in to 1. Each contract will be for a period of 6 years with the option to extend for a further 4 years. The Council reserves the right to terminate the contracts at any time subject to notice of 3 months.
The Strategic Property Adviser will review the investment strategy for the UK property portfolio annually with quarterly updates and will be responsible for ensuring the Property Manager (Operational) is fully aware of the strategy agreed by Officers of the Fund. Presentations of Quarterly Reports will take place in Liverpool.
The appointed Strategic Property Adviser will be expected to recommend purchases and sales in accordance with the agreed strategy and to act for the Fund along with the appointed solicitor in those transactions.

II.1.6)Common procurement vocabulary (CPV)

66140000, 66523000

II.1.7)Information about Government Procurement Agreement (GPA)

The contract is covered by the Government Procurement Agreement (GPA): no

II.1.8)Lots

II.1.9)Information about variants

Variants will be accepted: no

II.2)Quantity or scope of the contract

II.2.1)Total quantity or scope:

Merseyside Pension Fund (MPF) is a Local Government Pension Fund and administered by Wirral Borough Council on behalf of 5 Councils in the Merseyside area and a wide range of other employing bodies. The value of the Fund was 6 700 000 000 GBP as at 30.6.2015 with 128 254 members and over 46 000 pensioners as at 31.3.2015.
The UK property portfolio is considered an important part of the investment strategy for MPF providing rental income and is managed with the expectation it exceeds the IPD Quarterly benchmark by sourcing new properties together with estate management including refurbishments, development, forward funding and disposal of properties to ensure the agreed strategy is met.
The Fund has an 8 % asset allocation to property of which approximately 70 % is direct UK property with a value of 392 000 000 GBP as at 30.6.2015. The remaining 30 % is invested in alternative property related funds managed in house.
The Strategic Property Adviser will review the investment strategy for the UK property portfolio annually with quarterly updates and will be responsible for ensuring the Property Manager (Operational) is fully aware of the strategy agreed by Officers of the Fund. Presentations of Quarterly Reports will take place in Liverpool.
The appointed Strategic Property Adviser will be expected to recommend purchases and sales in accordance with the agreed strategy and to act for the Fund along with the appointed solicitor in those transactions.
MPF places high importance the Strategic Adviser establishes a co-operative working relationship with not only Officers of the Fund but also with the Property Manager (Operational), Valuer and appointed solicitors in order to maximise the exchange of ideas and skills with the ultimate objective of maximising returns for MPF.
Estimated value excluding VAT:
Range: between 500 000 and 1 000 000 GBP